Paragon Offshore operating loss narrows to $1.81 million in December

By Caroline Salls

Pittsburgh, Feb. 1 – Paragon Offshore plc reported a $1.81 million operating loss for December on $4.94 million in operating revenue, according to its monthly operating report filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

In comparison, Paragon posted a $1.97 million operating loss for November on zero operating revenue.

The net loss for December was $8.43 million, widening from a $6.76 million November net loss.

The company had $344.38 million in cash and cash equivalents as of Dec. 31, up from $344.29 million at the end of November.

Paragon, a Houston-based provider of offshore drilling rigs, filed for bankruptcy on Feb. 14, 2016. The Chapter 11 case number is 16-10386.

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